Australia Nuclear Update

Uranium explorer Energy Metals capitalised on public discussion about nuclear fuel when it listed on Friday at four times its issue price.

Although shares dropped from $1 to 86.5c by the end of the day, investors in the $3 million float who bought at 25c a share more than tripled their outlay.

Energy Metals is a spin-off from gold and nickel explorer Jindalee Resources, designed to feed the strong sentiment towards pure uranium companies. Jindalee maintained a 45 per cent stake in the new company.

Energy Metals' main project is the Bigrlyi uranium deposit in the Northern Territory, 390 kilometres west of Alice Springs.

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